As of November 2018, entities with the Abu Dhabi Global Market (ADGM) free trade zone must know the identity of their beneficial owners and maintain a register of this information.
The rules regarding offshore companies that use the Jebel Ali Free Zone Authority (JAFZA) have been updated. The changes are mainly administrative, including among other things allowing difference classes of shares, single director companies and the offshore company to own the lease of a property.
The UAE Ministry of Finance recently shared the key features and status of its VAT implementation process.
At the end of August, the UAE’s Ministry of Finance released an official statement on progress regarding the introduction of corporate tax and value added tax (VAT). The statement confirms that the UAEis committed to launching direct and indirect tax regimes.